February 12, 2019
Newport Beach, CA-based MetroGroup Realty Finance provided $8.2 million in financing for the acquisition of Stoneridge Towne Center, a value-add retail center in Moreno Valley, CA. MCA Realty purchased four multi-tenant retail buildings and two retail boxes totaling 117,191 square-feet, as well as four pads available for future development encompassing 5.24 acres.
The assets are located at 27110, 27120, 27130, 27140, 27190, and 27220 Eucalyptus Ave.
MetroGroup’s Scott Botsford arranged the financing. The sponsor plans to reposition the center in order to appeal to today’s shoppers, and was looking for competitive financing that would allow it to fully execute its business plan, according to Botsford.
The Irvine, CA-based sponsor acquired the asset at 50 percent below its replacement cost, and plans to make improvements throughout the center, as well as reshape the existing tenant mix to appeal to today’s consumers.
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